BVI-based subsidiary of Xcite Energy Limited signed MoU with AMEC Group

TSX-listed company Xcite Energy Limited announced that its British Virgin Islands-incorporated wholly-owned subsidiary, Xcite Energy Resources Limited, has entered into a Memorandum of Understanding with AMEC Group Limited. This Memorandum is setting out commercial principles for future cooperation to support the development of the Bentley Field.

The BVI company and AMEC will commence a front-end engineering and design programme. The parties intend to base on the already agreed MOU principles to optimise the commercial benefits for all stakeholders and provide strong foundation for the life-of-field technical and operational solutions.

CEO of Xcite Energy Rupert Cole commented on the agreement: “We are very pleased to have
developed our existing relationship with AMEC to create the basis for these commercial arrangements. I believe that AMEC’s expertise and track record in delivering major UKCS
offshore and heavy oil projects will complement the Company’s own skillset to deliver a best in class development programme. This is another industry confirmation of Bentley as one of the largest development-ready North Sea fields and provides further, complementary support to the current farm-out process as we progress towards development.”

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